Inzamam-ul-Haq begins his second stint as Pakistan's chief selector aiming to improve on his previous tenure, which saw the team win the 2017 Champions Trophy in England.
He returned to the role on Monday ahead of a crucial period for the Pakistan side, with the Asia Cup and the 50-over World Cup looming this year.
The 53-year-old's first task will be choosing a squad for the three-match ODI series against Afghanistan in Sri Lanka, which begins on August 22 and the Asia Cup that follows. Those squads will be announced at a press conference on August 10.
The Asia Cup, which will be jointly hosted by Pakistan and Sri Lanka, is due to start on August 30, while the World Cup takes place in India from October 5 to November 19.
Pakistan will be hoping for a repeat of the 2017 Champions Trophy triumph that saw them thrash hosts England by eight wickets in the last four and arch-rivals India by 180 runs in the final at The Oval in London
“I had a good run in the last tenure,” Inzamam said. “We had famous victories with the ICC Champions Trophy 2017 being the highlight, but my most important achievement is that around 70 to 80 per cent of the cricketers – selected back then – form the core of today's sides. That team was in transition, but this team is stable and I would not face the same challenges.
“Heading a selection committee is already a tough job in Pakistan, but it is going to be more challenging this time with the ACC Men's Asia Cup and ICC Men's Cricket World Cup around the corner followed by the tour of Australia. But, I know I can deliver in this role and I will try to do better than I did the last time. Despite the paucity of time, we will announce the best possible sides.”
Inzamam, who played 499 international matches from 1991-2007, previously held the chief selector's post between 2016 and 2019 during which time he helped unearth what is now the core of the current team.
“I am delighted that Inzamam-ul-Haq has agreed to head our national men's selection committee at a crucial juncture. He is a legend and has served the game with dignity,” PCB chairman Zaka Ashraf said.
“Inzamam's last tenure brought us success as we not only won the ICC Champions Trophy, but also unearthed some outstanding talent that continues to serve Pakistan cricket to date. I have no doubt that his new innings will add to the laurels and bring more talented cricketers to light.”
The chief selector's post had remained vacant since Haroon Rasheed quit last month. The selection committee, which also includes team director Mickey Arthur, head coach Grant Bradburn, and secretary Hasan Cheema will be in charge of picking the senior men's team and Pakistan Shaheens.
Inzamam had been appointed a member of the new Pakistan Cricket Board technical committee, which is headed by Misbah-ul-Haq and also included Mohammad Hafeez.
However, after being named as the new chief selector, Inzamam will not be part of that committee and the PCB will name his replacement in due course.
RESULTS
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Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
Innotech Profile
Date started: 2013
Founder/CEO: Othman Al Mandhari
Based: Muscat, Oman
Sector: Additive manufacturing, 3D printing technologies
Size: 15 full-time employees
Stage: Seed stage and seeking Series A round of financing
Investors: Oman Technology Fund from 2017 to 2019, exited through an agreement with a new investor to secure new funding that it under negotiation right now.
Persuasion
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Company profile
Company name: Dharma
Date started: 2018
Founders: Charaf El Mansouri, Nisma Benani, Leah Howe
Based: Abu Dhabi
Sector: TravelTech
Funding stage: Pre-series A
Investors: Convivialite Ventures, BY Partners, Shorooq Partners, L& Ventures, Flat6Labs
